Consumers today crave more control and flexibility from their shopping experience, which has been compounded by the rise of digital and the fact it’s driving people away from the high street.
It’s common knowledge that the growth of online shopping has been to the detriment of physical stores, but now the steady shrinking of the UK high street is happening much faster.
New data released earlier this week from the British Retail Consortium has shown a further 2.7 per cent drop in overall footfall to physical outlets.
The rise of online has often been suggested to represent the death of physical shops, and the latest figures from the BRC initially look to support this claim. 987 bricks-and-mortar stores closed in 2014, which was three times more than the previous year.
But with other reports suggesting significant proportions of consumers prefer to shop in-store, and with physical retail locations offering a range of other benefits to the overall shopping experience, retailers would be foolish to give up on the high street altogether.
This is where the concept of becoming an omnichannel retailer takes precedent, and should be an integral part of any retailer’s business strategy in today’s online-focused world.
The benefits of omnichannel
Omnichannel has become an industry buzzword in recent years, especially as the need to go digital has jumped to the top of priorities for retailers.
While there are countless definitions for this term, the overarching implication is one of uniformity between all sales channels, including online and in-store, combined with putting the consumer at the heart of the retail journey.
For brands to fully engage with delivering an omnichannel experience, therefore, they need to be available to support customers in every possible way. And physical stores remain a key component of this.
Retailers need to take advantage of all the different assets at their disposal. Unlike online, a retailer’s physical outlets can be used to streamline the customer’s shopping experience and create a lasting positive image of the brand. If a consumer wants to browse and view a product they’re interested in online, have it delivered to their home, then decide to return it by visiting their local store, they should be able to do so.
The argument for omnichannel is the creation of smooth interaction through all platforms. By introducing valid use cases for consumers to step in-store rather than only engage with a brand online, it’s possible to not only limit the decline of the high street but also add new value to the role physical stores play in the overall retail chain.
Retailers’ choice
In 2016, where the retail sector is rife with competition, it has never been more important to take every possible step to retain consumer loyalty and avoid churn to a competitor. To make this a reality, retailers need to look at building a shopping experience around every interaction that a consumer has with their brand.
By using the right technology to bridge the gap between online and in-store, and working with the right digital commerce partner to make this a reality, it’s possible to create a retail experience that will reach the ideal consumer at the perfect time and also eliminate the idea of segmented sales channels.
By creating a uniform brand experience, regardless of the platform where the interaction takes place, retailers can guarantee a greater level of engagement with the consumer and drive overall growth.
By Terry Hunter, UK managing director at Astound Commerce